Question
1. Suppose that 2 years ago you bought an old record player at a yard sale for $12. You saw today on E-bay that the
1. Suppose that 2 years ago you bought an old record player at a yard sale for $12. You saw today on E-bay that the same record player is selling for $63. If you were to sell the record play at that price today, what would be the implied return percentage? (Answer as a percent. Enter only numbers and decimals in your response. Round to 2 decimal places.)
2. In 2001, the average price of a gallon of gas was $1.23. Today, the average price of a gallon of gas is $2.81. At what annual rate has a gallon of gas increased over the last 20 years? (Answer as a percent. Enter only numbers and decimals in your response. Round to 2 decimal places.)
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